MDH Partners Plants $19M on Indoor Vertical Farming Industrial Facility
Atlanta, GA-based MDH Partners has completed the $19.1-million purchase of a 138,670-square-foot industrial property in Danville, VA. Seller AeroFarms, a corporation engaged in indoor vertical farming, simultaneously leased back the property under a net lease with an initial term of 20 years.
“MDH Partners is extremely excited to own the AeroFarms Danville property due to the area’s low-cost business climate and efficient transportation network, AeroFarms proven commercial leadership, and alignment with our sustainability-conscious approach to business,” said Houston Hawley, VP of acquisitions at MDH Partners. “AeroFarms revolutionary farming methods are what we need to help solve some of our most pressing agriculture challenges, and we are excited to enter into a long-term relationship.”
“AeroFarms has created the world’s largest indoor vertical farm of its kind using our Model 5 growing technology for unprecedented productivity,” added David Rosenberg, co-founder and CEO of AeroFarms. “Our commercial transaction for the property with MDH Partners is an example of how to scale long-term in a capital-efficient manner.”
The acquisition increases MDH Partners’ VA footprint to over 650,000 square feet. The company currently owns over 95 properties across 20 states, including nearly six million square feet of industrial assets throughout the US acquired in the last 18 months.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.